First timer- Live in Flip with no money down 100% loan

[Luke Berry]

Hoping for a discussion on no-money down live in flips/ rentals:

I am in a unique position, as I will be entering a profession that allows me to take out mortgage loans with no money down at 100% financing and a 3.5-5% interest rate. I have to live in the property for 3 months and can apply for a new loan every year. 

Questions/ Concerns: Although I all be able to fund the initial purchase, what strategies are common to fund repairs? Is this too risky as a first investment? Does anyone have any experience with a similar situation? 

Thanks in advance!